Canada beef export forecast revised down - GAIN
US demand for Canadian beef continues to rise
9 April 2024
1 minute read
By: The USDA is revising Canadian beef exports downward as a result of the downward revision to the slaughter and production forecast, according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report.
However, continued strong demand from the United States and Mexico will support exports to those markets.
Pricing in Mexico has supported Canadian beef exports to that country and backfilling Canadian domestic supply with imports into Canada from Australia and South America.
The tightening US cattle herd could also see increased US demand for Canadian beef.
While Canada continues to focus on opportunities for market diversification in the Indo-Pacific, overall that market performed weakly in 2023 as a result of weaker demand.
Canadian beef also continues to be shut out of China since the detection of an atypical bovine spongiform encephalopathy (BSE) case in December 2021.
These factors, coupled with lower slaughter numbers and beef production will all support lower exports in 2024.
